Asia’s oil refiners are increasingly finding themselves trapped between the rock of OPEC’s production cuts and the hard place of U.S. President Donald Trump’s sanctions against Iran and Venezuela.
While the region, which accounts for about half of the world’s refining capacity, is still able to source oil, it’s becoming harder to get hold of the grades of crude that many Asian refiners prefer.
This is because the output restrictions agreed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, have resulted in mainly heavy and medium sour crude grades being cut.
Add to this the sanctions imposed by the United States on Venezuela, which produces heavy sour crude, and on Iran, another producer of mainly heavy and medium sour grades Read More
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